The total value of the deal, including the $22 million option, would be worth $202 million. Thus, he would be the majors' first $200 million pitcher. Verlander’s deal surpasses that of Seattle Mariners righthander Felix Hernandez, who signed a seven-year, $175 million extension in February.

Justin Verlander: Tigers ace is locked up long term. (AP Photo)

Verlander, who turned 30 last month, already had been signed through the 2014 season. He will make $20 million in each of the next two seasons before the extension kicks in.

"Justin is one of the premier pitchers in baseball and we are thrilled to keep him in a Tigers uniform for many years to come," Tigers president, CEO and general manager Dave Dombrowski told the team’s website. "Justin has been a Tiger for his entire career and he is on pace to be one of the greatest pitchers in this illustrious franchise's history."

In 33 starts last season, Verlander went 17-8 with a 2.64 ERA and a major league-leading 239 strikeouts. He also led the majors in innings pitched (238 1/3) and complete games (6)